bankingexchange.com / Website Staff / 09/03/2015 – 14:44
Global financial services firms are looking at ways to adopt the blockchain—the technology behind Bitcoin—for use in institutional finance, according to a new report from Greenwich Associates.
Blockchain technology allows Bitcoin to exist and bitcoins to be transferred safely without an intermediary. Also known as digital or distributed ledgers, these networks record transaction information, just like their paper ancestors. This ensures that a digital asset cannot be spent twice or used by someone who doesn’t own that asset—all without any central oversight of either the currency or the ledger.
While the study looked specifically at capital markets participants, interest in blockchain technology is fairly widespread throughout financial services.
Between May and June of 2015, Greenwich Associates interviewed 102 institutional financial professionals to determine the level of awareness and understanding of distributed digital ledger technologies among financial services firms.